49-83 Property owners portion - improve streets BAN

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such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; shall be designated "1983 Street Improvement Bond Anticipa- tion Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. That the Notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsmile signature, and b~ar the seal of the corporation or a facsimile thereof. The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the rejection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby author- ized and directed to deliver ~he Notes, when executed, to the original purchaser or purchasers ~hereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the princi- pal of an interest on the Notes in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may -S-